I don't think the Greeks knew what they were doing, for one minute, when they bought this POS.
Tremendous egg on their faces. They just kept blindly buying and buying, even though the fundamentals were clearly continuing to collapse. Now, they are NOT buying at $1.25. I agree with you? Where's the infusion from these guys, if they like the brand so much?
Why aren't they looking to put a bunch of money into it, and put in their own management.
These guys committed hiri kiri in sinking so much money into this thing. Imho.
If you look at the quarterlys over the past three reporting periods it looks like it's coming around. Also the chart is primed for a jump. I think this thing is going to come out better than most people think. Shutting stores is a positive if they are in the red.
I think the business model is dead. If I were a shareholder, I'd rather have the bird in the hand. Hand the company over to private equity. I'm sure someone out there would like to try their hand at turning around this storied brand (seemingly the first one, perhaps, to ever enter this sector?)
But sure, yeah, they could make it to next Xmas, perhaps. Balance sheet isn't horrible yet. It's just going down fast, with no turnaround in sight.